NAVAN, CO. MEATH, Ireland--(BUSINESS WIRE)--Today, eCOMM Merchant Solutions announced it is offering ‘Instant Payments’ to its merchants in Ireland. This is a seismic announcement for many hard-pressed Irish SMEs, who currently must wait days to receive their own money from the sales made on their card terminals.
Noel Moran, who founded the company in 2014 and is the current European CEO of the Year, said ‘Having built my business from the ground up, I know what a strain it is to be depending on those funds. That is why we have built this offering and why we pay the merchant a rebate every time they then spend their funds.’
There are 3 elements to his company’s offering, all of which are provided by eCOMM: firstly, a card payment terminal, secondly a Business Current Account and thirdly a corporate prepaid Mastercard. When a payment is approved, eCOMM will instantly credit the funds to the Merchant’s Business Current Account, and the funds are available immediately for the merchant to spend via the corporate Mastercard. According to Moran, this typically takes a matter of seconds.
In addition, every time the merchant spends using the eCOMM Mastercard, he or she will receive 0.5% of the amount spent back as a rebate, or €1 for every €200 spent. This rebate is paid monthly to the merchant and appears as a line item in the Business Current Account. Moran added, ‘There is no need to worry about points and prizes, we just rebate the money straight to the merchant.’
Moran runs two FinTech companies, eCOMM and Prepaid Financial Services, and both operate out of offices in Navan, Co. Meath, as well as Regent Street in London. He explains the ethos of these companies is pure FinTech - to use technology to make life easier for customers, via cutting-edge financial services products. ‘This is a game changer - because the funds ‘settle’ instantly to the merchants’ accounts, this will do away with the need for some merchants to go to finance companies to get quicker access to their cash’, he added.
Generally, the move towards ‘instant payments’ and ‘faster payments’ is part of a wider trend around the world; however, Moran believes his Instant Payments service for merchants is a first for Ireland.
Looking to the future, Moran’s companies are licensed to operate in 35 countries, so plans are already in place to roll out the Instant Payments service across Europe.
About eCOMM Merchant Solutions
eCOMM Merchant Solutions enables its B2B customers to accept Mastercard, Visa and American Express payments. It offers merchants: Point of Sale (POS) terminals, e-commerce and mail order/telephone order services.
The company is a payment gateway, acquirer, underwriter and processor all-in-one. This has multiple benefits for its customers in terms of speed of processing, operational efficiencies and cost savings.
eCOMM Merchant Solutions Limited is licensed by the Financial Conduct Authority in the United Kingdom and is regulated by the Central Bank of Ireland for conduct of business rules. FCA licence number 900591.